10.1 The above includes amount receivable from related parties amounting to INR 3291.76 lakhs as at March 31, 2024 and INR 1955.12 lakhs as at March 31, 2023. (refer note 36)
10.2 Credit period and risk
All trade receivables are non-interest bearing and are generally on credit terms upto 90 days.
10.3 Expected credit loss allowance
The Company has used a practical expedient by computing the expected loss allowance for trade receivables based on provision matrix. The provision matrix takes into account the historical credit loss experience and adjustments for forward looking estimates. At every reporting date, the historical observed default rates are updated and changes in the forward looking estimates are analysed.
The Company has not made any provisions as per the expected credit loss model prescribed by the requirements of Ind AS 109. This is largely owing to the fact that majority of the receivables are from group companies. Accordingly, the Company does not have any history of credit losses and hence there being no credit risk, no allowance has been made.
(ii) Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of INR 5/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
(iv) The Company allotted 45,00,000 (Forty five Lakhs) convertible warrants of INR 100/- each to Mr Suresh Venkatachari, Promoter and CEO of the Company on March 17, 2021 on receipt of an upfront payment INR 11,25,00,000/- (Rupees Eleven Crores Twenty-Five Lakhs Only) equal to 25% of the total consideration as per the terms of preferential issue in compliance with Chapter V of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2018 and Section 42 & 62 of the Companies Act, 2013 and rules made thereunder as amended from time to time. The Company has considered equivalent shares of 45,00,000 (Forty five Lakhs) for the purpose of diluted EPS up to the period ended June 30, 2022 and 28,93,000 shares (Twenty eight lakhs ninety three thousand) for the period ended December 31, 2022 as per IND AS 33. During the year ended March 31, 2023, the Company has allotted 12,25,000 equity shares to Mr Suresh Venkatachari, as partial conversion of warrants and had 16,07,000 convertible warrants outstanding as at September 16, 2022. As the outstanding warrants were not exercised on or before the September 16, 2022, the Company had forfeited the money received against such warrants amounting to INR 4,01,75,000 and credited the capital reserve in accordance to the provisions of the Companies Act 2013.
(a) Securities Premium
Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
(b) General Reserve
Under the erstwhile Companies Act 1956, general reserve was created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that if a dividend distribution in a given year is more than 10% of the paid-up capital of the Company for that year, then the total dividend distribution is less than the total distributable results for that year. Consequent to introduction of Companies Act 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordance with the specific requirements of Companies Act, 2013.
(c) Retained Earnings
Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.
(d) Money Received against Warrant convertible to equity shares
Ind AS 33 - Earnings per Share defines “Warrants” as “ Financial Instruments which give the holder the right to acquire equity shares”. Thus effectively, warrants are the amount which would ultimately form part of the Shareholders’ funds. Since, shares are yet to be allotted against the same, these are not reflected as part of Share Capital but as a separate line item - ‘Money received against share warrants’.
(e) Capital Reserve
The Company allotted 45,00,000 (Forty five Lakhs) convertible warrants of INR 100/- each to Mr Suresh Venkatachari, Promoter and CEO of the Company on March 17, 2021 on receipt of an upfront payment INR 11,25,00,000/- (Rupees Eleven Crores Twenty-Five Lakhs Only) equal to 25% of the total consideration as per the terms of preferential issue in compliance with Chapter V of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2018 and Section 42 & 62 of the Companies Act, 2013 and rules made thereunder as amended from time to time. The Company has considered equivalent shares of 45,00,000 (Forty five Lakhs) for the purpose of diluted EPS up to the period ended June 30, 2022 and 28,93,000 shares (Twenty eight lakhs ninety three thousand) for the period ended December 31, 2022 as per IND AS 33. During the nine months ended December 31, 2022, the Company has allotted 12,25,000 equity shares to Mr Suresh Venkatachari, as partial conversion of warrants and had 16,07,000 convertible warrants outstanding as at September 16, 2022. As the outstanding warrants were not exercised on or before the September 16, 2022, the Company had forfeited the money received against such warrants amounting to INR 4,01,75,000 and credited the capital reserve in accordance to the provisions of the Companies Act 2013.
16.2 Notes:
i. The details of Security provided against the Term Loans and loans repayable on demand are as follows:
b. The existing Term Loan facility of INR 758 lakhs and Open Cash Credit (OCC) of INR 1,500 lakhs. These loans are secured against Hypothecation of book debts (Accounts receivable), fixed assets and personal guarantee of the CEO.
c. The loan is also further secured by pledge of 16,50,000 shares of SecureKloud Technologies Limited held by CEO Mr. Suresh Venkatachari.
II. As at March 31, 2024, the Company has unsecured loan of INR 3137.61 lakhs ( INR 3137.61 lakhs as at March 31, 2023) from R.S. Ramani, Promoter. These borrowings carry an interest rate of 8% per annum. The Company has obtained a declaration from the Director that the loan has not been given out of funds borrowed or deposits accepted from others.
The Company allotted 45,00,000 (Forty five Lakhs) convertible warrants of INR 100/- each to Mr Suresh Venkatachari, Promoter and CEO of the Company on March 17, 2021 on receipt of an upfront payment INR 11,25,00,000/- (Rupees Eleven Crores Twenty-Five Lakhs Only) equal to 25% of the total consideration as per the terms of preferential issue in compliance with Chapter V of SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2018 and Section 42 & 62 of the Companies Act, 2013 and rules made thereunder as amended from time to time. The Company has considered equivalent shares of 45,00,000 (Forty five Lakhs) for the purpose of diluted EPS up to the period ended June 30, 2022 and 28,93,000 shares (Twenty eight lakhs ninety three thousand) for the period ended December 31, 2022 as per IND AS 33.During the nine months ended December 31, 2022, the Company has allotted 12,25,000 equity shares to Mr Suresh Venkatachari, as partial conversion of warrants and had 16,07,000 convertible warrants outstanding as at September 16, 2022. As the outstanding warrants were not exercised on or before the September 16, 2022, the Company had forfeited the money received against such warrants amounting to INR 4,01,75,000.
29 Lease Commitments
The Company has taken vehicle and office building on lease for a period of 4 years.
The Company was in receipt of a SEBI adjudication order on September 14, 2022 alleging violation under SEBI (LODR) Regulations, 2015 and was imposed a penalty of INR 25 lakhs. Consequently, the Company filed an appeal before Hon’ble Securities Appellate Tribunal and is awaiting further directives. The penalty amount of INR 25 lakhs had been provided on a prudent basis during the year ended March 31, 2023. The final order in the said matter was passed by the Hon’ble SAT on July 12, 2023, wherein the penalty was reduced to INR 10 lakhs and accordingly the excess provision was reversed during the current financial year.
The Company received final order from SEBI on December 16, 2022 on the alleged financial irregularities reported by the Company’s statutory auditor, viz. Deloitte Haskins and Sells in their audit report for FY 2018-19. SEBI’s final order gave certain directives and has imposed penalty of INR 400 lakhs on the Company. The Company has filed an appeal before Hon’ble Securities Appellate Tribunal and is awaiting further directives. The penalty amount of INR 400 lakhs has been provided for on a prudent basis during the year ended March 31, 2023.
31 Employee benefits
(I) Defined contribution plan
During the year, the Company has recognised INR 80.25 lakhs (March 31, 2023 - INR 124.17 lakhs) as contribution to provident fund and other funds in the Statement of Profit and Loss (included in Contribution to Provident and other funds in Note 24).
(II) Defined benefit plans:
(A) Gratuity plan
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets gratuity on departure at 15 days salary (last drawn salary) for each completed year of service subject to a maximum of INR 20 lakhs. In case of death while in service, the gratuity is payable irrespective of vesting. The Company’s obligation towards its gratuity liability is unfunded. Liabilities related to the gratuity plan are determined and accrued by actuarial valuation using projected unit credit method by an independent actuary as at the balance sheet date.
Risk exposures
Provision of a defined benefit scheme poses certain risks, some of which are detailed hereunder, as company take on uncertain long term obligations to make future benefit payments
Interest rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in standalone financial statements).
B) Salary escalation risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan’s liability.
C) Demographic risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.
D) Liquidity risk: This is the risk that the Company is not able to meet the short-term gratuity payouts. This may arise due to non availability of enough cash and cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.
The following tables summarises the components of net benefit expense recognised in the statement of profit and loss, the obligation amount recognised in the balance sheet towards the gratuity plan.
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.
The sensitivity analysis below has been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis the present value of defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet. There is no change in the methods and assumptions used in preparing the sensitivity analysis from the prior years.
(b) Long term compensated absences
The Company’s obligation towards long term compensated absences is unfunded. Liabilities related to the compensated absences are determined and accrued by actuarial valuation using projected unit credit method by an independent actuary as at the balance sheet date. The assumptions used for valuation are as follows:
32 Capital Management
For the purpose of the Company’s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company.
The Company’s capital management is intended to maximise the return to shareholders for meeting the long term and shortterm goals of the Company through the optimization of the debt and equity balance. The Company determines the amount of capital required on the basis of annual and long-term operating plans and strategic investment plans. The funding requirements are met through equity and long-term/short-term borrowings. The Company ensures that it will be able to continue as a going concern while maximising its returns to its shareholders by managing its capital by optimisation of the debt and equity balance. The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt portfolio of the Company. (T in Lakhs)
33 Fair value measurement
The fair value of the financial assets and labilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.
34. Financial risk management objectives and policies
The Company’s principal financial liabilities, comprise term loans, bank overdraft and trade and other payables. The main purpose of these financial liabilities is to raise finance for the Company’s operations. The Company has various financial assets such as trade receivables and other receivables, security deposits, investments and cash and bank balances, which arise directly from its operations.
The Company is exposed to market risk (including currency, interest rate and other market related risks), credit risk and liquidity risk. The Company’s senior management oversees the management of these risks. The Company’s primary risk management focus is to minimize potential adverse effects of these financial risks on its financial performance. The Company’s risk management assessment and policies and processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Board of Directors oversees and reviews the management of each of these risks, which are summarised below.
(a) Liquidity Risk Management
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company’s reputation. The Company believes that the working capital and its cash and cash equivalent are sufficient to meet its short and medium term requirements.
The following tables detail the Company’s remaining contractual maturity for its financial liabilities with agreed repayment periods. The contractual maturity is based on the earliest date on which the Company may be required to pay.
(b) Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s receivables from customers and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.
Trade receivables: The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. The Company uses financial information and past experience to evaluate credit quality of majority of its customers and individual credit limits are defined in accordance with this assessment. Outstanding receivables and the credit worthiness of its counter parties are periodically monitored and taken up on case-to-case basis.
Credit risk on cash and cash equivalent is limited as the Company generally transacts with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies.
(c) Market Risk
“Market risk is the risk that the fairvalue offuture cash flows of a financial instrument will fluctuate because of changes in market prices. Marketriskcomprises three types of risk: interestraterisk, currencyriskand otherpricerisk, such as equitypriceriskand commodityrisk.
Financial instruments affected by market risk include all market risk-sensitive financial instruments, term loans, short term debts and trade receivables. The Company is exposed to market risk primarily related to foreign exchange currency risk and interest rate risk. Thus, the Company’s exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities in foreign currencies.
i. Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s debt obligations with floating interest rates. Other than overdraft facilities and term loans maintained with Indian Bank, the Company do not have any credit facilities from any banks or financial institutions with floating interest rates. As a result, changes in interest rates are not likely to substantially affect its business or results of operations.
ii. Foreign exchange rate risk
Foreign currency risk is the risk that the fair value or future cash flows of an expenses/ income will fluctuate because of change in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s operating activities (when revenue or expenses is denominated in a foreign currency) and the Company’s net investment in foreign subsidiary.
A significant portion of the Company’s revenues is in USD, while a significant portion of its costs are in Indian rupees. As a result, if the value of the Indian rupee appreciates relative to this foreign currency, the Company’s revenues measured in Indian rupees may decrease and vice versa. The exchange rate between the Indian rupee and US Dollar has not been subjected to significant changes in recent periods. The Company has a forex policy in place whose objective is to reduce foreign exchange risk by maintaining reasonable open exposures within approved parameters depending on the future outlook on currencies. The Company does not enter into or trade financial instruments including derivative financial instruments for speculative purpose.
The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the end of each reporting period are as follows :
Out of the above foreign currency exposures, none of the monetary assets and liabilities are hedged by derivative instruments or otherwise.
Foreign Currency sensitivity analysis
The following table demonstrates the sensitivity to 5% change in USD and AUD exchange rates, with all other variables held constant. A positive number below indicates an increase in profit / decrease in loss and increase in equity where the INR strengthens 5% against the relevant currency. For a 5% weakening of the INR against the relevant currency, there would be a comparable impact on the profit or loss and equity and balance below would be negative.
1. Current ratio:
The current ratio indicates a company’s overall liquidity position. It is widely used by banks in making decisions regarding the advancing of working capital credit to their clients.
Current Ratio = Current Assets / Current Liabilities
Increase in current ration is due to more funds lockedup in Receivable from USA.
2. Debt - Equity Ratio
Debt-to-equity ratio compares a Company’s total debt to shareholders equity. Both of these numbers can be found in a Company’s balance sheet.
Debt - Equity Ratio = Total Debt / Shareholder’s Equity
Decrease in current year is due to reduction in Shareholder’s equity on account of loss
3. Debt Service Coverage Ratio
Debt Service coverage ratio is used to analyse the firm’s ability to payoff current interest and instalments.
Debt Service Coverage Ratio = Earnings available for debt service / Debt Service
Increase in current year is due to low repayment of principal loans
4. Return on Equity (ROE):
It measures the profitability of equity funds invested in the Company. The ratio reveals how profitability of the equity-holders’ funds have been utilized by the Company. It also measures the percentage return generated to equity-holders. The ratio is computed as:
ROE = Net Profits after taxes - Preference Dividend (if any) / Average Shareholder’s Equity Decrease in current year is due to exceptional items of cost (Impariement on Investments)
5.Inventory Turnover Ratio
This ratio also known as stock turnover establishes the relationship between the cost of goods sold during the period or sales during the period and average inventory held during the period. It measures the efficiency with which a Company utilizes or manages its inventory.
Inventory Turnover ratio = Cost of goods sold or sales / Average Inventory
The Company is in the business of providing software services and does not have any physical inventories. Hence, inventory turnover ratio is not applicable to the Company.
6. Trade receivables turnover ratio
It measures the efficiency at which the firm is managing the receivables.
Trade receivables turnover ratio = Net Credit Sales / Avg. Accounts Receivable The decrease is due to funds lockedup in the Receivables from USA
7. Trade payables turnover ratio
It indicates the number of times sundry creditors have been paid during a period. It is calculated to judge the requirements of cash for paying sundry creditors. It is calculated by dividing the net credit purchases by average creditors.
Trade payables turnover ratio = Net Credit Purchases / Average Trade Payables The reason of decrease in the ratio is due to there was delay in the payment of dues.
8. Net capital turnover ratio
It indicates a company’s effectiveness in using its working capital. The working capital turnover ratio is calculated as follows: net sales divided by the average amount of working capital during the same period.
Net capital turnover ratio = Net Sales / Working Capital
The variance in the ration is due to minor improvement in the working capital
9. Net profit ratio
It measures the relationship between net profit and sales of the business.
Net Profit Ratio = Net Profit / Net Sales
The reduction in the ratio is due to provisions made for Exception items (Impariment on Investment)
10. Return on capital employed (ROCE)
Return on capital employed indicates the ability of a company’s management to generate returns for both the debt holders and the equity holders. Higher the ratio, more efficiently is the capital being employed by the company to generate returns. ROCE = Earning before interest and taxes / Capital Employed
The reduction in the ratio is due to provisions made for Exception items (Impariment on Investment)
11. Return on investment
Return on investment (ROI) is a financial ratio used to calculate the benefit an investor will receive in relation to their investment cost. The higher the ratio, the greater the benefit earned.
The Company has invested in its overseas subsidairies for business expansion, therby fueling further growth in new geographies. Hence, return on investment is not applicable for our Company.
ii) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.
iii) The Company do not have do not have any transactions with companies struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.
iv) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
v) The Company has not traded or invested in cryptocurrency transactions or virtual currency during the financial year
vi) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies) including foreign entities (Intermediaries) with the understanding that the intermediary shall :
a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or
b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
vii) The Company has not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
(i) The Company accounts for costs incurred by / on behalf of the Related Parties based on the actual invoices
/ debit notes raised and accruals as confirmed by such related parties. The Related Parties have confirmed to the Management that as at March 31, 2024 and March 31, 2023, there are no further amounts payable to / receivable from them, other than as disclosed above. The Company incurs certain costs on behalf of other companies in the group. These costs have been allocated/recovered from the group companies on a basis mutually agreed to with the group companies.
(ii) Excludes gratuity and compensated absences which cannot be separately identifiable from the composite amount advised by the actuary.
(iii) The remuneration payable to key management personnel is determined by the nomination and remuneration committee having regard to the performance of individuals and market trends.
(iv) The amounts outstanding are unsecured and will be settled in cash. There have been no instances of amounts due to or due from related parties that have been written back or written off or otherwise provided for during the year.
(v) The Company has provided Corporate Guarantee amounting to USD 5 million to Columbia Bank for loans taken by SecureKloud Technologies Inc., USA, a subsidiary of the Company.
37 Segment Reporting
The Company is engaged in Information and Technology Services. Based on the management approach as defined in Ind-AS 108 - Operating Segments, the senior management evaluates the Company’s performance and allocates resources based on an analysis of various performance indicators by the overall business / operating segment.
As the allocation of resources and profitability of the business is evaluated by the senior management on an overall basis, with evaluation into individual categories to understand the reasons for variations, no separate segments have been identified. Accordingly, the amounts appearing in these standalone financial statements relate to this operating segment.
Geographical Information:
The Company has operations within India as well as in other countries. The operations in United States of America constitute a major part of its operations. Management has reviewed the geographical areas vis-a-vis the risks and returns that encompass them. While arriving at this, management has reviewed the similarity of the economic and political conditions, relationships between operations in these geographical areas, proximity of operations, and special risks if any associated with operations in these areas.
Fixed assets used in the Company’s business have not been identified to any of the reportable segments, as the fixed assets and services are used interchangeably between segments. The Company believes that it is currently not practicable to provide segment disclosures relating to assets, liabilities and capital expenditure.
Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006
Based on and to the extent of information received by the Company from the suppliers during the year regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act), which has been relied upon by the Auditors, the relevant particulars are furnished below.
Note: Dues to Micro,Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.
39 Corporate Social Responsibility
As the Company has not met the applicability threshold as prescribed under 135 of the Companies Act, 2013, the need to spend at least 2% of its average net profit at immediately preceeding three financial years on corporate social responsibility (CSR) activities does not arise.
40 The previous year figures have been reclassified/ regrouped to conform to the presentation of the current year. These reclassifications have no effect on the previously reported net loss/profit.
41 Approval of Standalone Financial Statements
In connection with the preparation of the standalone financial statements for the year ended March 31, 2024, the Board of Directors have confirmed the propriety of the contracts / agreements entered into by / on behalf of the Company and the resultant revenue earned / expenses incurred arising out of the same after reviewing the levels of authorisation and the available documentary evidences and the overall control environment. Further, the Board of Directors have also reviewed the realizable value of all the current assets of the Company and have confirmed that the value of such assets in the ordinary course of business will not be less than the value at which these are recognised in the standalone financial statements. In addition, the Board has also confirmed the carrying value of the non-current assets in the standalone financial statements. The Board, duly taking into account all the relevant disclosures made, has approved these standalone financial statements in its meeting held on May 30, 2024 in accordance with the provisions of Companies Act, 2013.
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